Can I easily calculate my profit margin on an item?
Yes! The Pricing & Quantity section for your item has an Estimated Profit Margin field.
First, you will enter your costs in the fields for Cost Price, Restoration Costs, and Other Costs. The total of those figures will be entered in the Cost of Goods Sold (COGS) field.
Second, you will enter your retail price. The Estimated Profit Margin field will then be populated with the calculation of your price minus your costs.
Note: The Pricing & Quantity section includes a field for Available Quantity. This field does not affect the calculations listed above: the numbers entered should be for a single item only, and the calculations for cost of goods sold and estimated profit margin will likewise be for a single item. (If several items are being sold together as a set, that set counts as one item.)
However, the quantity you enter will affect your Stock Retail Value on your dashboard in Studio on desktop. In the example above, if your quantity is one, then your stock retail value will be $2,000 for that item. But if your quantity is 3, your stock retail value will multiple that retail price by three and add $6,000 to your stock retail value.
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